December NYMEX Natural Gas Futures Contract Closed at $2.707 on Thursday, October 31st

Thursday, October 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.787, down $0.058 compared to Wednesday’s closing price of $2.845. Recording the intraday high of $2.809 within minutes of the opening bell, the contract soon trended lower. Trading along $2.765 ahead of the weekly storage publication, prices withdrew as the bearish report hit the wire. Analysts are pointing to weak demand and increased production, which directed the contract to an intraday low of $2.688 ahead of midday. December closed lower on Thursday at $2.707.

The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF injection to storage for the week ended October 25 – below the market estimate of a 92 BCF injection. Total working gas in storage was reported as 3,863 BCF; 2.8% above this time last year and 4.8% above the five-year average.

As of 6:25AM this morning in Globex, WTI Crude was up $1.760; Natural Gas was up $0.001; Heating Oil was up $0.040, and Gasoline was up $0.038.

             
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

Related Articles

The Market Erased Sharp Gains Posted in Overnight Trading

November 4th, 2024
December NYMEX Natural Gas Futures Contract Closed at $2.671 on Friday, November 1st

November 4th, 2024
Reports That Iran is Preparing a Retaliatory Attack on Israel

November 1st, 2024
Sprague Opens First Retail Station Offering Renewable Fuel in the Bronx  

October 31st, 2024
Reports That OPEC+ May Delay a Planned Output Increase

October 31st, 2024
December NYMEX Natural Gas Futures Contract Closed at $2.845 on Wednesday, October 30th

October 31st, 2024
The Oil Market’s Sell Off Following Monday’s 6% Decline in Prices

October 30th, 2024
December NYMEX Natural Gas Futures Contract Closed at $2.859 on Tuesday, October 29th

October 30th, 2024
Israel’s Retaliatory Strike Against Iran Spared Oil and Nuclear Facilities

October 29th, 2024
November NYMEX Natural Gas Futures Contract Closed at $2.309 on Monday, October 28th

October 29th, 2024